OBOOK Q2 Earnings Call Highlights

OwlTing is shifting toward commercializing OwlPay , its stablecoin-enabled cross-border settlement platform. The company has approximately 80 signed enterprise relationships, but many remain in sales, integration or onboarding rather than generating production volume. Management is targeting more than $1 billion in cumulative OwlPay payment volume in 2026 , while emphasizing enterprise trade, treasury and liquidity-management flows. Visa Direct activity is expected to begin in the fourth quarter, with further expansion planned across Japan, Taiwan and other regional markets. First-half revenue was broadly flat at $3.87 million , while net loss widened to $18.82 million, partly due to $10.4 million in non-cash share-based compensation and $2.5 million in finance costs. The company ended June with $10.19 million in cash and cash equivalents and $1.67 million in restricted cash. OBOOK NASDAQ: OWLS , which operates under the OwlTing Group brand, said its first-half 2026 results reflected a transition from building stablecoin-enabled payments infrastructure to commercializing its OwlPay cross-border settlement platform. Management said the company’s reported financial results for the first six months of the year were still largely driven by its historical Taiwan payment gateway, hospitality software and e-commerce businesses. Meanwhile, its stablecoin-enabled payment and settlement operations were in the early stages of moving enterprise customers from onboarding and integrations into live transaction processing. Founder and Chief Executive Officer Darren Wang said OwlTing entered the second half at “a very different stage of development” than the period reflected in the first-half financial statements. He said the company had spent several years developing regulatory, banking, compliance, liquidity, settlement and technology infrastructure intended to support global enterprise payments. Enterprise payment activity and network expansion Wang said OwlPay’s Harbor platform is evolving from a cross-border payments platform into a global enterprise settlement network. He pointed to growth in activity on the Circle Payments Network, or CPN, a settlement rail within Harbor’s broader multi-rail architecture. According to Wang, CPN activity was in an early pilot phase at the beginning of 2026 but has increased as customers and payment flows moved into production. He also said transaction execution quality improved as the platform scaled, citing progress in compliance, validation, liquidity management and settlement operations. OwlTing has approximately 80 signed enterprise relationships, Wang said, with a broader commercial pipeline that includes payment providers, fintech firms, digital financial infrastructure companies, financial institutions and companies with cross-border treasury and settlement requirements. Many of those opportunities remain in sales, integration or onboarding stages and have not yet generated production volume. The company said it is emphasizing production conversion and wallet share rather than simply adding signed customers. Management is also focused on expanding the number of markets, corridors and use cases served by its infrastructure, as well as deepening banking, liquidity, routing and local-settlement capabilities in priority markets. Within completed CPN-settled volume, Wang said about 43% was connected to cross-border supply-chain and international-trade payments. Another 37% came from fintech institutions and digital-payment providers, including treasury liquidity management, regional settlement-account funding and cross-platform fund movements. Together, those categories accounted for nearly 80% of current CPN settled activity. Wang s